California-based capital markets technology firm Integral is offering a competitive upgrade to banks forced to switch from Reuters Automated Dealing to AVT Echo FX as a result of the recently announced merger.
Integral also says that it may extend the offer to existing AVT customers who are interested in reducing their dependence on a single vendor for foreign exchange data, dealing and now dealing technology.
Harpal Sandhu, president and CEO, Integral, says Reuters' decision to discontinue its core FX electronic dealing platform and merge with one of its competitors puts users of both products in a difficult position.
"For existing Reuters customers they are now required to incur additional costs of migration to a system not of their own choosing and for AVT customers, they now have to deal with Reuters as their vendor," he claims. "Either way, through no fault of their own, customers are being forced to take on additional risk in their business. We are mitigating that risk by offering customers a more advanced, lower cost, widely supported alternative in Integral AutoDealer.”
Integral's J2EE-based AutoDealer platform automates multi-entity price delivery (both one- and two-way), margining (spreading) and credit checking for online dealing across multiple channels.
Adds Sandhu: "Customers have been very clear about their requirement for choice in technology vendors and Integral represents the only viable software provider alternative for in-house installation of foreign exchange platforms."
Integral was recently chosen by Citigroup to provide the underlying technology and services for CitiFX White Label, the US bank's global foreign exchange platform for FX outsourcing. The company also recently received a US patent for its system and method for conducting Web-based financial transactions in capital markets.